Post on 26-Jul-2020
COVID-19: State of Small Business
Key weekly survey results – Week 5
For public release
2020-04-15
Methodology
• Online survey (Your Business and COVID-19 – Survey Number Five) started April 10.
• So far, it has received 10,969 responses from small businesses from across Canada.
• For comparison purposes, a probability sample with the same number of respondents would have a margin of error for national results of +/-0.9%, 19 times out of 20.
• Note on the next pages: The percentage of responses in charts may not always add up to 100%, due to rounding or multiple choice responses.
2
As of today, is your business still open? (% response)
3
12 1318 18 19
21 2226
3032
34
QC PE ON NL NB CA NS BC SK MB AB
4 6 913
20 21 21 23 24 27 28 29 30 3338
59
Source: CFIB, Your Business and COVID-19 – Survey Number Five, April 2020, preliminary results, n = 10,908.
Note: The percentage of responses may not always add up to 100% due to rounding.
Yes, fully open21
Yes, partially open due to COVID-19
(shorter than normal hours, delivery or
telephone sales only, emergencies only)
50
No, fully closed due to COVID-19
28
No, fully (or partially) closed
due to reasons not related to COVID-19 (new business, seasonal business)
2
"Fully open"
4
As of today, is your business still open? (% response)
21
50
28
2 -
10
20
30
40
50
60
Survey. No 2 Survey. No 3 Survey. No 4 Survey. No 5
Yes we are fully open
Yes, partially open due to COVID-19
No, fully closed due to COVID-19
No, fully (or partially) closed due to reasons not related to COVID-19
Sources: CFIB, Your Business and COVID-19 – Survey Number Two, March 20 - March 26, 2020, n = 13,313.CFIB, Your Business and COVID-19 – Survey Number Three, March 27 - April 2, 2020, n = 12,561.CFIB, Your Business and COVID-19 – Survey Number Four, April 3 - April 9 2020, n = 12,943.CFIB, Your Business and COVID-19 – Survey Number Five, April 2020, preliminary results, n = 10,908.
Note:The percentage of responses may not always add to 100% due to rounding
5
How have your gross sales revenues changed since the start of the COVID-19 outbreak in Canada? (% response)
3
3
5
5
12
18
14
19
22
Don’t know/Unsure
Increased
No noticeable change
Declined up to 10%
Declined 11% to 25%
Declined 26% to 50%
Declined 51% to 75%
Declined 76% to 99%
Declined 100% (we are not making any sales)
Source: CFIB, Your Business and COVID-19 – Survey Number Five, April 2020, preliminary results n = 10,845.
Note: The percentage of responses may not always add to 100%, due to rounding.
6
How have your gross sales revenues changed since the start of the COVID-19 outbreak in Canada? (% response)
5
12
18
55
3 -
10
20
30
40
50
60
Survey No. 1 Survey. No 2 Survey. No 3 Survey. No 4 Survey. No 5
Declined up to 10% Declined 11% to 25% Declined 26% to 50%
Declined more than 50% Don’t know/Unsure
Sources: CFIB, Your Business and COVID-19 – Survey Number One, March 13 - March 21, 2020, n = 4,906.CFIB, Your Business and COVID-19 – Survey Number Two, March 20 - March 26, 2020, n = 10,059.CFIB, Your Business and COVID-19 – Survey Number Three, March 27 - April 2, 2020, n = 6,946.CFIB, Your Business and COVID-19 – Survey Number Four, April 3 - April 9, 2020, n = 12,889.CFIB, Your Business and COVID-19 – Survey Number Five, April 2020, preliminary results n = 10,845.
7
$62,637
$129,566
$160,314
$214,915 $203,461
Survey No. 1 Survey No. 2 Survey No. 3 Survey No. 4 Survey No. 5
Sources:CFIB, Your Business and COVID-19 – Survey Number One, March 13- March 21, 2020, n = 3,672.CFIB, Your Business and COVID-19 – Survey Number Two, March 20- March 26, 2020, n = 6,666.CFIB, Your Business and COVID-19 – Survey Number Three, March 27- April 2, 2020, n = 6,906.CFIB, Your Business and COVID-19 – Survey Number Four, April 3- April 9, 2020, n = 7,641. CFIB, Your Business and COVID-19 – Survey Number Five, April 2020, preliminary results, n = 6,636.
Are you in a position to tell us how much COVID-19 disruptions have cost your business to date (extra costs, lost sales, production slowed or halted, plans cancelled, etc.)?
8
Are you in a position to tell us how much COVID-19 disruptions have cost your business to date (extra costs, lost sales, production slowed or halted, plans cancelled, etc.)?
By Province
By Industry
Source: CFIB, Your Business and COVID-19 – Survey Number Five, April 2020, preliminary results n = 6,636.
NB NS MB YK NL QC BC NAT SK ON AB NWT PEI
Respondents 252 256 254 4 109 1,209 687 6,636 230 2,904 678 10 43
Mean $98,739 $126,284 $144,863 $163,750 $165,698 $182,716 $194,271 $203,461 $212,049 $214,536 $263,024 $303,000 $696,099
Unclass./IVMs Retail F.I.R.E. Pers./Mis. Ser. Arts/Rec./Inf. Prof. Serv. Agriculture Soc. Serv. NAT Hospitality Nat. Res. Ent./Adm. Mgt Construction Manufacturing Wholesale Transportation
Respondents 229 1,554 127 781 262 404 164 561 6,636 703 51 160 540 613 340 147
Mean $116,421 $128,901 $133,303 $140,790 $155,755 $169,173 $170,650 $171,239 $203,461 $217,758 $228,431 $247,057 $284,458 $291,296 $320,380 $800,936
9
If current restrictions continue until the end of May, how confident are you that your business will survive? (% response)
6
44
50
My business will not survive ifthis continues until the end of
May
I am not sure my business willsurvive if this continues until
the end of May
My business will definitelysurvive even if this continues
until the end of May
"Will not survive "
4 45 5 5 5 5
6 6 6
8
NS NB SK QC BC MB NL CA PE ON AB
1 3 3 3 34 4
6 6 6 67 7
8
10 10
Source: CFIB, Your Business and COVID-19 – Survey Number Five, April 2020, preliminary results, n = 10,535.
10
What are you most worried about with respect to COVID-19?(% response)
77
71
65
57
55
55
44
36
30
7
1
0
Business cash flow (getting paid, meeting payroll, paying suppliers/rent/mortgage/other bills)
Economic repercussions (on provincial, national and/or global economy)
Debt (long-term financial consequences of debt and depleted savings)
Health impacts (on myself, my staff or others)
Staffing (layoffs, retention, refusal to work)
Access to enough government support for my business/workers
Access to any/enough income as a self-employed worker
Having to close my business permanently
Business logistics (getting and shipping products, managing inventories)
Other (Specify)
No concerns at this moment
Don’t know/Unsure
Source: CFIB, Your Business and COVID-19 – Survey Number Five, April 2020, preliminary results, n = 10,534.
Note: Respondents are allowed to select multiple answers, percentages will not add to 100%.
11
Which of the following statements best describes your current business or business owner situation with respect to the three programs described above* (CEWS, CEBA and CERB)? (% response)
8
9
30
38
10
5
I do not need assistance from any of thethree programs
I need assistance, but do not qualify forany of the three programs
I need assistance, qualify for at least oneof the three programs, and the amount
available seems sufficient
I need assistance, qualify for at least oneof the three programs, but the amount
available seems insufficient
I need assistance, but I don’t know if I qualify for any of the three programs
Other (Specify)
Source: CFIB, Your Business and COVID-19 – Survey Number Five, April 2020, preliminary results n = 10,317.* Note: see appendix for full background given to respondents before they answered the question.
6 7 8 8 8 9 9 10 10 10 10
44
3733 33
36 36 38 3739
34 35
PE QC MB SK NB NS CA BC ON NL AB
6 6 7 7 7 8 8 9 9 10 11 12 12 13 14 14
31
3834 33 32
40
48
54
38 38 38
46
24
40
28 29
Qualify, but support is insufficient
Need assistance, but do not qualify
12
How much did your business pay in payroll in 2019 (according to your T4 submission)? (% response)
14
66
14
6
2
More than $0 but less than$50,000
Between $50,000 and $1million
More than $1 million
Not applicable – No payroll in 2019
Don’t know/Unsure
8 10 12 13 14 14 14 15 15 15 16
9
1714 14 14 15 13 12 10
1210
PE AB MB QC CA BC ON NL NB SK NS
6 6 7 8 8 9 11 13 13 14 14 15 18 19 19 20
2325
27 26 25
19
1213 11
1412
5
89
4
10
More than $1 million Less than $50,000
Source: CFIB, Your Business and COVID-19 – Survey Number Five, April 2020, preliminary results n = 10,367.
Note: The percentage of responses may not always add to 100%, due to rounding.
.
13
Canada Emergency Business Account (CEBA)
Source: CFIB, Your Business and COVID-19 – Survey Number Five, April 2020, preliminary results, n = 10,367, n = 10,283, n = 10,244.
36%66%
Businesses eligible for CEBA (payroll between $50,000
and $1 million in 2019)
Businesses that tried
to apply for CEBA
24%
Businesses that report
using CEBA
14
Canada Emergency Business Account (CEBA): Top sectors (% response)
Source: CFIB, Your Business and COVID-19 – Survey Number Five, April 2020, preliminary results, n = 10,367, n = 10,283, n = 10,244.
Businesses eligible for CEBA
(payroll between $50,000
and $1 million in 2019)
Businesses that tried
to apply for CEBA
Businesses that report
using CEBA
36
39
44
44
45
48
National
Pers./Misc. Services
Ent. & Admin. Mgmt.
Hospitality
Soc. Services
Arts, Rec. & Info.
24
22
26
26
30
35
National
Pers./Misc. Services
Ent. & Admin. Mgmt.
Hospitality
Arts, Rec. & Info.
Soc. Services
66
67
68
68
70
71
National
Soc. Services
Pers./Misc. Services
Construction
Hospitality
Fin. Ins. Etc.
15
Have you tried to apply for the Canada Emergency Business Account (CEBA)? (% response)
Applied
29 30 32 32 3336 36 36 37
40 41
MB NL BC AB SK CA NB NS ON QC PE
22 2228 28 29 30 32 35 36 36 38 39
44 44 45 48
Source: CFIB, Your Business and COVID-19 – Survey Number Five, April 2020, preliminary results, n = 10,283.
Yes36
No64
16
What is the main financial institution that your business currently works with? (% response)
1
1
2
2
2
4
7
9
9
9
17
19
20
Other Caisses populaires
HSBC
Other (Specify)
ATB Financial
BDC
National Bank
Desjardins
Bank of Montreal
CIBC
Credit Union
TD Canada Trust
Scotiabank
Royal Bank
Source: CFIB, Your Business and COVID-19 – Survey Number Five, April 2020, preliminary results, n = 5,409.
Note: The percentage of responses may not always add up to 100%, due to rounding.
17
Since the COVID-19 emergency began, how would you rate your overall experience with
the main financial institution your business works with? (% response)
Source: CFIB, Your Business and COVID-19 – Survey Number Five, April 2020, preliminary results, n = 2,495.
27
23
24
29
31
32
28
33
34
40
39
45
40
39
43
49
24
27
25
20
22
20
20
15
12
8
8
5
6
7
7
2
3
2
4
1
1
2
2
1
Credit Union
TD Canada Trust
CIBC
Desjardins
Bank of Montreal
Scotiabank
Royal Bank
National Bank
A (Excellent) B (Good) C (Average) D (Poor) F (Unacceptable)
Average grade
across all banks:
B (Good)
18
What additional sources of money is your business using
to cope financially with COVID-19? (% response)
37
34
24
19
11
10
9
7
7
3
8
13
4
Personal savings (other than retirement)
Credit card
Canada Emergency Business Account (interest-free government loan of up to $40,000accessed through financial institutions)
Other loan from bank or public/private financial institution (excluding Canada EmergencyBusiness Account)
Government money, excluding loans (such as a provincial grant or the federal wage subsidy)
Other (Specify)
Retirement savings (RRSP, TFSA, other savings set aside for retirement)
Mortgage
Loan from friends/family
Other private money (such as angel investor, venture capital or another business owner)
None – Unable to access any additional funds
None – No additional funds needed
Don’t know/Unsure
Source: CFIB, Your Business and COVID-19 – Survey Number Five, April 2020, preliminary results, n = 10,244.
Note: Respondents are allowed to select multiple answers, percentages will not add to 100%.
“It is important that my provincial government creates a hardship grant to help
hard hit businesses cover fixed costs (such as rent)”[% respondents who agree or disagree with statement]
19
Source: CFIB, Your Business and COVID-19 – Survey Number Five, April 2020, preliminary results, n = 10,048.
Note: The percentage of responses may not always add up to 100%, due to rounding.
50
55
56
56
57
59
59
60
60
62
64
37
34
31
27
33
30
30
28
29
28
25
4
3
6
8
4
4
4
3
4
5
7
1
1
1
2
2
1
0
1
1
1
1
6
5
5
5
3
5
4
5
4
4
3
3
2
2
2
1
2
2
1
AB
SK
MB
PE
NB
CA
BC
QC
ON
NS
NL
Strongly agree Somewhat agree Somewhat disagree Strongly disagree
20
“Governments are doing a good job at handling…
…the economic emergency associated with COVID-19
…the health emergency associated with COVID-19” [% respondents who agree with each statement]
Source: CFIB, Your Business and COVID-19 – Survey Number Five, April 2020, preliminary results, n = 10,094.
Note: Agree includes – strongly agree and somewhat agree.
47
5459 61 63 64 66
69 7073 75
71
77 79 81 8178
87 8891
8792
AB SK MB BC CA ON PE NB QC NS NL
Economic emergency Health emergency
21
Reopening the economy[% respondents who agree or disagree with each statement]
40
42
52
33
34
25
9
5
3
1
1
6
11
11
7
5
8
7
I think that governments should be more creative about getting people back to worksafely
Businesses that can respect strict social distancing guidelines and provide reasonableprotection for employees should be allowed to reopen
I would rather be open at half capacity than not be open at all
Strongly agree Somewhat agree Somewhat disagree Strongly disagree
Source: CFIB, Your Business and COVID-19 – Survey Number Five, April 2020, preliminary results, n = 10,094.
Note: The percentage of responses may not always add up to 100%, due to rounding
Appendix
22
Backgrounder provided
23
From slide 11:
• Canada Emergency Wage Subsidy (CEWS): A direct subsidy to employers of a maximum of 75% of the wages of each employee, up to $847 per week per employee. To qualify, employers must show a significant revenue drop (-15% in March 2020 compared to January/February 2020 or March 2019, -30% in April or May 2020 compared to January/February 2020 or April or May 2019).
• The Canada Emergency Business Account (CEBA): Interest-free loans to cover business operating expenses of up to $40,000, with 25% of the loan that may be forgivable. To qualify, businesses must show they paid between $50,000 and $1 million in payroll in 2019.
• The Canada Emergency Response Benefit (CERB): A direct payment to employed and self employed Canadians who stopped working because of COVID-19 that provides $500 a week for up to 16 weeks. To qualify, Canadians must not have quit their job voluntarily, be at least 15 years old, and have earned at least $5,000 in the last 12 months or in 2019. They must also have received no income for 14 consecutive days to apply.